Union Bank of India Q1 FY26: PSU Bank or a PSU Beast?

1. At a Glance

Union Bank is punching way above its PSU weight class—₹18,813 crore TTM profit, a growing loan book, consistent margin improvement, and a stock trading at a discount to book value. Let’s just say, this isn’t your 2018 PSU bank anymore.

2. Introduction with Hook

Imagine Rocky Balboa walking into a PSU Bank boardroom. That’s Union Bank right now—bruised a decade ago, but now flexing profits like never before.

• Net Profit (TTM): ₹18,813 crore
• ROE: 17% — same ballpark as SBI, without the fanfare
• CMP/BV: 0.98x (it’s cheaper than a bank locker)

This isn’t a recovery. This is a transformation arc.

3. Business Model (WTF Do They Even Do?)

Union Bank of India is a full-spectrum PSU bank, engaged in:

• Retail banking (loans, deposits)
• Corporate banking (38% of revenue mix)
• Treasury services
• Government business (it’s a PSU after all)
• Mutual funds, insurance distribution, wealth management

Bonus points: They do merchant banking, agency services, and are present in 9+ countries. Basically, it’s SBI’s cousin who stopped procrastinating.

4. Financials Overview